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CITIC to book up to US$1B impairment on Sino Iron project for FY'17

CITIC Ltd. on March 11 flagged an impairment of between US$800 million and US$1 billion on the value of its Sino Iron project in Western Australia.

The estimated impairment charge is noncash but is expected to reduce the company's 2017 profits.

CITIC is also facing lawsuits related to the Sino Iron project. Clive Palmer is claiming that two of his businesses would have avoided liquidation if CITIC had paid royalties from the project earlier.

Palmer is seeking A$2.7 billion in damages related to his petroleum business and A$2.32 billion plus interest for Queensland Nickel Inc.